ComfortDelGro (SGX:C52)'s 1Q24 revenue and operating profit increased 10.8% and 10% to S$1b and S$56m, respectively, with operating profit margin remaining fairly stable at ~5.5%. PATMI grew 23.8% y-o-y to S$40.6m.
A fourth consecutive quarter of y-o-y improvement
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Revenue growth driven by the Public Transport, Taxi & Private Hire, and Other Private Transport segments
Public Transport segment
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Taxi & Private Hire segment
Revenue and operating profit from the Taxi & Private Hire segment were up 8.2% and 38.6% y-o-y to S$148.3m and S$23.7m, respectively, as ComfortDelGro enjoyed higher commission rates and fares from its Singapore taxi business, and also benefited from lower rental discounts in Singapore and China.
However, operating profit margin was softer than expected at 15.7% (4Q23: 23.4%), with management citing seasonality (such as Lunar New Year especially for its China taxi business).
Booking volumes in Singapore were also lower at ~7m versus ~8m in 1Q23 due to heightened competition, despite our expectations of demand increase on the back of Taylor Swift’s TheErasTourin Mar 2024.
Other Private Transport segment
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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